Warren is drafting legislation to reverse ‘Mega Mergers’
Elizabeth Warren is taking aim at mega-mergers.
The U.S. Senator wants regulators to review about two decades of deals and put a halt to them going forward, according to Bloomberg News.
Bloomberg reviewed a draft of the bill that would expand antitrust law beyond the so-called consumer welfare standard, an approach that has driven antitrust policy since the 1970s.
Today, the federal government evaluates mergers primarily based on potential harm to consumers through higher prices or decreased quality.
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The new bill would add the impact on entrepreneurs, innovation, privacy and workers.
Warren’s bill has a working title of the Anti-Monopoly and Competition Restoration Act.
The Warren campaign declined to comment to Bloomberg.
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The existence of the bill and Warren’s support of it were reported earlier this week by the technology publication the Information.
The bill would focus on mergers where one company has annual revenue of more $40 billion, or where both companies have sales exceeding $15 billion.
Among certain exceptions would be when a company is in danger of insolvency.
That would affect many acquisitions involving big tech firms such as Apple and Microsoft among others.
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The bill would also place new limitations on smaller mergers.
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